STMicroelectronics acquires NXP stake in ST-NXP

NXP Semiconductors has confirmed that STMicroelectronics has purchased NXP’s 20 per cent stake in ST-NXP Wireless. On August 20th 2008, STMicroelectronics and Ericsson Mobile Platforms announced an agreement to merge Ericsson Mobile Platforms and ST-NXP Wireless into a 50/50 joint venture. STMicroelectronics indicated at that date that it expected to exercise its call option to buy NXP’s 20 per cent of ST-NXP Wireless before the closing of this transaction.

The agreed purchase price is $92 million, based on the performance of ST-NXP Wireless business in the last twelve months.